- Sports News : New Tongan administrators apply for rugby league membership [03/07/2020 - Tonga]
- Sports News : England coach Eddie Jones plans stunning raid for 'next All Blacks sensation' Hoskins Sotutu [03/07/2020 - United Kingdom]
- Business News : Niue completes ratification of PACER Plus agreement [03/07/2020 - Niue]
- Business News : Travel Bubble trouble – the options for Palau [03/07/2020 - Palau]
- Business News : World Bank strengthens partnership with the Federated States of Micronesia [03/07/2020 - Micronesia, Federated States of]
- Business News : Niue national budget address will be announced on Wednesday 08 July [03/07/2020 - Niue]
- Business News : Vanuatu exports - COVID-19 and extreme weather worry experts [03/07/2020 - Vanuatu]
- Business News : COVID-19 creates tough times for Kiribati’s world class tuna industry [03/07/2020 - Kiribati]
- News : Tonga opens border starting next week to repatriate stranded nationals in Fiji [03/07/2020 - Tonga]
- News : Palau’s envoy, Ngedikes Olai Uludong elected VP of UNGA [03/07/2020 - United States]
- News : Pacific Humanitarian Pathway unlocking borders to save lives during COVID-19 [03/07/2020 - Fiji]
- News : An estimate of USD$22 million for Pacific Humanitarian Pathway-COVID-19 [03/07/2020 - Fiji]
- Sponsored : Oceania National Olympic Committees (ONOC)
It will take about three years for the Cook Islands economy to return to pre-Covid-19 levels, government economists predict.
They estimate the economy has contracted by nine per cent from an average growth of 5.8 per cent annually due to the spread of Covid-19 in the third quarter of the 2019/20 financial year which led to the crippling of the tourism industry.
This has reduced the gross domestic product of the country to $483.3 million (US$310.1 million) from the projected $531.2 million (US$340.8 million).
The economy is expected to contract further by 5.3 per cent in the coming financial year before returning to pre-pandemic level by 2023, the economists say.
Fletcher Melvin, the chair of Private Sector Force, agrees the country could be returning to pre-Covid-19 level close to 2023.
He said these were all reasonable assumptions based on the “growth assumptions of tourism arrivals and the boarder opening up later this year and the reserves in place”.
However Melvin warns the danger is the delay in the border opening and the tourists having the discretionary funds available for holidays due to the New Zealand economy and the global provider.
Cook Islands has been seeking a travel bubble with New Zealand soon to help recover the local economy. But new Covid-19 cases in New Zealand due to quarantine botch-ups there has put any immediate travel bubble in limbo.
SOURCE: COOK ISLANDS NEWS/PACNEWS
Pacific Islands News Association
Who & What is PINA?
International News Safety Institute (INSI)
Media Helping Media